文献详情
The effect of value-added tax on leverage: Evidence from China's value-added tax reform
文献类型：期刊
通讯作者：Gong, YX (reprint author), Cent Univ Finance & Econ, Sch Econ, 39 South Coll Rd, Beijing 100081, Peoples R China.
期刊名称：CHINA ECONOMIC REVIEW
年：2019
卷：54
页码：135-146
ISSN：1043-951X
关键词：Value-added tax reform; Debt maturity; Capital structure; M-M theory
摘要：In this paper, we use China's value-added tax (VAT) reform in 2007, which was aimed to encourage fixed investment purchasing, as a natural experiment to explore the effect on firm financial leverage. Results show an expansion in firm balance sheet after the reform, manifested by greater liabilities (long-term, short-term and total liability) and asset. Moreover, in terms of the ratio to asset, it's found that long-term liability rose while the short-term liability dropped, and as a net effect, t ...More
In this paper, we use China's value-added tax (VAT) reform in 2007, which was aimed to encourage fixed investment purchasing, as a natural experiment to explore the effect on firm financial leverage. Results show an expansion in firm balance sheet after the reform, manifested by greater liabilities (long-term, short-term and total liability) and asset. Moreover, in terms of the ratio to asset, it's found that long-term liability rose while the short-term liability dropped, and as a net effect, the total asset-liability ratio declined as the latter effect dominated. To theoretically explain the observed patterns, three mechanisms are highlighted, "income effect", "maturity match effect" and "market disciplining effect", where income effect corresponds to a proportional expansion of balance sheet while the latter two effects alter the composition of firm leverage. ...Hide

DOI：10.1016/j.chieco.2018.10.013
百度学术：The effect of value-added tax on leverage: Evidence from China's value-added tax reform
语言：外文
被引频次：1
基金：Major Projects of National Social Science Fund of China [14ZDB123]; Youth projects in Humanities and social sciences of the Ministry of Education of China [18YJC790247]; National Natural Science Foundation of ChinaNational Natural Science Foundation of China [71703178, 71603296]; Program for Innovation Research in Central University of Finance and Economics [020550318001]
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